The recent calls for the revival of the Oil Price Stabilization Fund (OPSF) are tantamount to a call for a policy reversal, that is, reversal of the downstream oil industry deregulation that began in 1998. The history of the OPSF presents important lessons for policymakers. Petroleum price...

The intertemporal relationship between oil revenues, real government spending and real output over the oil cycle is investigated for the case of Angola, the second largest oil producer in Sub-Saharan Africa. The results of a trivariate VAR, impulse response functions, and variance decomposition...

Frontmatter -- Contents -- Preface and Acknowledgments -- Abbreviations -- Part One: Introduction -- 1. Accounting for Growth and Decline in Venezuela -- 2. Trends and Cycles in the Venezuelan Economy -- Part 2. A Critical Survey Of The “Resource Curse” Literature -- 3. Economic Explanations...

Following the peak in US crude oil production 30 years ago, more and more non-OPEC producers have seen their production decline as a result of resource depletion. OPEC on the other hand has extracted a comparatively smaller proportion of its reserve base. Given that new non-OPEC discoveries are...

The effects of stochastic oil demand on optimal oil extraction paths and tax, spending and government debt policies are analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed by the Hotelling rule and optimal budgetary...

Intro -- Title Page -- Copyright -- Contents -- Preface and Acknowledgments -- List of Abbreviations -- Part One: Introduction -- 1. Accounting for Growth and Decline in Venezuela -- 2. Trends and Cycles in the Venezuelan Economy -- Part Two: A Critical Survey of the "Resource Curse" Literature...